Real estate purchases down for third week

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Despite a third consecutive week of lower interest rates, overall mortgage applications continued to decline, falling 1.2 percent on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today. The seasonally adjusted purchase index decreased by 3.3 percent last week to 376.2 from 389 the previous week, and is now at its lowest since November 2003, MBA reported. The refinance index, however, increased by 2.3 percent to 1,417.2 from 1,385.2 one week earlier. The refinance share of mortgage activity increased to 37 percent of total applications from 35.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 27.8 percent of total applications from 28.6 percent the previous week, and is at its lowest since March 20...